加拿大皇家银行美股招股说明书(2025-07-23版)

Pricing Supplement dated August __, 2025 to theProspectus dated December 20, 2023, the Prospectus Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceof the common stock of Schlumberger N.V. (Schlumberger Limited) (the “Underlier”).Contingent Coupons— If the Notes have not been automatically called, investors will receive a ContingentCoupon on a monthly Coupon Payment Date at a rate of 11.28% per annum if the closing value of the Underlier isgreater than or equal to the Coupon Threshold (72% of the Initial Underlier Value) on the immediately preceding Coupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes.Call Feature— If, on any monthly Call Observation Date beginning approximately six months following the Trade Value is greater than or equal to the Barrier Value (72% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusthe Contingent Coupon otherwise due. If the Notes are notautomatically called and the Final Underlier Value is less than the Barrier Value, at maturity, investors will receive shares of the Underlier that will likely be worth significantly less than the principal amount of their Notes and couldbe worth nothing.Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange.CUSIP:78015QTN1Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-7 ofthis pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement andproduct supplement. We or one of our affiliates may pay varying selling concessions of up to $15.00 per $1,000 principal amount of Notes inconnection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their underwriting discount or selling concessions.The public offering price for investors purchasing the Notes in these accounts may be between $985.00 and $1,000.00 per $1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer that is not affiliated withus a referral fee of up to $6.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” below.The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimated KEY TERMS Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereofUnderlier:The common stock of Schlumberger N.V. (Schlumberger Limited)Bloomberg TickerInitial UnderlierValue(1)Coupon Thresholdand Barrier Value(2)Physical DeliveryAmount (2)72% of the Initial Underlier Value (rounded to two decimal places)(3)A number of shares of the Underlier equal to $1,000divided bythe Initial UnderlierValue (rounded to two decimal places) No Contingent Coupon will be payable on a Coupon Payment Date if the closing value ofthe Underlier is less than the Coupon Threshold on the immediately preceding CouponObservation Date. Accordingly, you may not receive a Contingent Coupon on one ormore Coupon Payment Dates during the term of the Notes.If payable, $9.40 per $1,000 principal amount of Notes (corresponding to a rate of 0.94% per month or 11.28% per annum) equal tothe Initial Underlier Value, the Notes will be automatically called. Under thesecircumstances, investors will receive on the Call Settlement Date per $1,000 principalamount of Notes an amount equal to $1,000plusthe Contingent Coupon otherwise due. ADDITIONAL TERMS OF YOUR NOTES You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by theprospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of whichthe Notes are a part, and the product supplement no. 1A dated May 16, 2024. This pricing supplement, together withthese documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements aswell as any other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas, HYPOTHETICAL RETURNS Return” represents the percent change in the value of the Underlier from the Initial Underlier Value to the Final UnderlierValue.The table and examples below also assume that the Notes are not automatically called and do not accountfor any Contingent Coupons that may be paid prior to maturity.The table and examples are only for illustrative purposes and may not show the actual return applicable to investors.Value of Payment at Maturity perValue of Payment at Maturity as $1,000 Principal Amount of Notes*Percentage of Principal Amount*50.00%$1,009.40100.940%40.00%$1,009.40100.940% 30.00%$1,009.40100.940%20.00%$1,009.40100.940%10.00%$1,009.40100.940% 0.00%$1,009.40100.940%-5